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Environmental economics - Essay Example

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Climate change is a concern for many countries, and the efforts to address it rarely bears fruits as many think that they are likely to hurt the economy. Germany is one of the countries that have decided to go green, and its rating for environmental performance and laws that do…
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Environmental economics
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Germany Renewal Energy Climate change is a concern for many countries, and the efforts to address it rarely bears fruits as many think that they are likely to hurt the economy. Germany is one of the countries that have decided to go green, and its rating for environmental performance and laws that do not threaten the competitiveness of the business is quite high. In fact, Germany creates more than 300,000 jobs from the renewable energy sector (Thomas n.p). Germany decided to steer its ambitions to the production of renewable energy and move away from nuclear energy. New subsidies for homeowners are the major beneficiaries of the project since there will be little emissions of carbon. According to Berlin, steps are underway to enable Germany meet its target to cut down carbon emissions by the year 2020 (Thomas n.p). The emissions will be down by 40% and later will do away with fossil and nuclear form of energy. The plan will affect companies’ profits from power plants as the government subsidizes the renewed energy. However, there is a rise in the cost of electricity, as consumers have to meet the costs of the subsidies for renewable sources of energy.
The economy of Germany is growing well despite the rising costs of energy and has managed to reduce the energy intensity. Germany has become the largest exporter of solar inverters by the help of its renewable energy Act passed in 2000.Solar photovoltaic cells have provided cheap energy for the residents reducing the cost of electricity (Thomas n.p). Germany is aiming at the smart energy management concept by creating smart homes to create more comfort.
Economics is an area that focuses on the growth of the economy in various ways such as job creation and other forms of developments. Renewable energy industry creates many jobs in Germany as highlighted in the article with individuals working in the industries that manufacture cells and another gadget that use solar, the wind, or wave energy. Employment is one of the major factors affecting the economy and since it leads to high incomes and a high standards of living. Development of the renewable energy facilitates and promotes developments in Germany with many people buying shares in the power generating companies (Thomas n.p). Since the renewable energy sector is labour intensive, many people are employed and can save for further investments. The payments received by the landowners in Germany after the company installs windmills in their land increases their income. Adoption of strong policies for the renewable energy will enable Germany increase the economic benefits from the projects. The smart complementary policies will help in the maintenance of the countries clean energy, which will enhance its economic growth and development.
The Germany project of relying on renewable sources of energy is a motivating factor for other countries interested in the production of renewable forms of energy. Owing to the mass destruction of the environment through carbon emissions, countries should invest in renewable energy and reduce the use of fossil fuels. However, production of renewable energy is quite expensive for many countries, because it is labor-intensive, which means that some countries may find it challenging to invest in such project.
Works Cited
Thomas, Andrea, Christopher Alessi, and William Boston. Germany Moves To Speed Renewable Energy Goal. The Wall Street Journal 2014. Web. 27 May 2015. http://www.wsj.com/articles/germany-moves-to-speed-clean-energy-goal-1417632445 Read More
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